By Etuka Sunday
Petroleum Products Pricing Regulatory Agency (PPPRA) yesterday described as distorted the widely circulated allegations in the media, which insinuated that the Agency had failed to remit the sum of N1,343,194,015,405.79 of its Internally Generated Revenue (IGR) to the Consolidated Revenue Fund (CRF) domiciled in the Central Bank of Nigeria (CBN).
PPPRA said, the information was said to have purportedly emanated from a presentation made by the office of the Director General Budget.
The Head, Media, PPPRA, Apollo Kimchi in a statement issued in Abuja said, without intending to generate further controversy, the PPPRA deems it necessary to correct and clarify the rather distorted information to the members of the public regarding its financial obligations to the Consolidated Revenue of Government.
PPPRA said in a statement, “It needs to be stated that the Agency without fail, always remits 25% of its total IGR mainly from its meagre Administrative Charge Collections on quarterly basis to the Consolidated Revenue Fund (CRF) domiciled with the Central Bank of Nigeria (CBN), in line with the statutory requirements of all MDA’s. However, it should be noted that since inception of the Agency, the revenue collected is less than 1.6% of the above mentioned figure.
“Therefore, PPPRA hereby refutes the claims of failed remittance into the CRF account and describes the assertions as misleading.
“Meanwhile, the Agency would like to use this opportunity to once more assure all Stakeholders and members of the public of uninterrupted products supply and distribution, during this festive period,” the statement said.